Agree with everything except the implications about Belt and Road. This was actually strategically clever by China. In 2012 they stopped purchasing (as much) US

Agree with everything except the implications about Belt and Road. This was actually strategically clever by China. In 2012 they stopped purchasing (as much) US debt which stopped feeding our reserve currency system. Being a reserve currency requires a country to run persistent trade deficits, not the most sustainable but when everyone takes the inflow of USD and buys bonds, it feeds the USD back into the system allowing it to go on. China bucked this trend and instead started putting their money to work in Africa. This undermines the USD's position petty well.